The dream of studying abroad often conjures images of historic campuses, bustling cities, and breathtaking landscapes. Canada embodies all these elements, attracting international students with its world-class universities and exciting lifestyle. But beyond the academic prestige lies a fundamental concern: Is the living cost affordable in Canada?

This article tackles that very question. We’ll delve into the essential expenses you’ll encounter as an international student, from accommodation to transportation. By understanding the breakdown of costs, you can create a realistic budget and embark on your Canadian adventure with financial confidence.

We’ll also explore one of the smart funding options to manage your cost of living in Canada and highlight how you can opt for overseas education loans. So let us begin.

Living Expenses

The cost of living in Canada for international students can vary significantly depending on the city, lifestyle choices, and spending habits. Below we have mentioned the rundown.

  • Accommodation

    Finding a place to live is a significant expense. On-campus residence halls often offer a convenient and social environment with low cost, the dormitories can range from $3,000 – $7,500 per year. Off-campus options like shared apartments or renting a room can be a little expensive ranging from $400 – $1,500 per month. Moreover, for a cozy environment, homestays can be a great option ranging between $400 – $1,500 per month.

  • Food

    Eating healthy and staying nourished is vital. Groceries typically cost between CAD $300 and CAD $400 per month. Consider cooking meals at home to save money compared to frequent restaurant dining.

  • Transportation

    Public transportation in major cities like Toronto, Vancouver, and Montreal provides a convenient way to get around. Monthly passes can range from $100– $150. Bicycles are a popular and cost-effective option, especially in student-friendly cities with good cycling infrastructure.

  • Utilities

    Staying connected is important. Mobile phone plans and internet access can cost around $92.00 – $322.00 per month. Consider the budget-friendly options offered by student mobile carriers.

  • Clothing and Personal Care

    Factor in costs for clothing suitable for Canada’s diverse climate and basic personal care items. You can expect a range of $25.00 – $80.00 depending on your spending.

The cost of living varies significantly across Canadian provinces. Cities like Toronto and Vancouver generally have higher living costs compared to smaller towns or cities in other provinces. Consider this factor when choosing your study destination. You can manage all these expenses by taking a study loan for Canada, but before that, it is important to know about the concept of GIC.

Guaranteed Investment Certificate (GIC)

In Canada, a Guaranteed Investment Certificate (GIC) is a type of savings plan that students can use to cover expenses while studying. It is a requirement for those applying for a study permit through the Government of Canada’s Student Direct Stream Program, as it helps to expedite the application process. The Canadian government mandates a minimum deposit of CAD 20,635 into the GIC. Once you arrive in Canada, you can access this money to assist with your educational and living expenses. This is a convenient way for international students to ensure they are financially prepared for their time studying abroad.

Overseas Education Loans

Certainly, scholarships can help you aid your education, but their nature is quite competitive. Similarly, part-time work can only cover a small amount of your expenses. That’s where overseas education loans come as a windfall. You can apply for secured as well as unsecured education loans to study in Canada from various financial lenders.

Top Financial Lenders

Here are some of the top financial lenders mentioned below:

  • Government Banks
  • Private Banks
  • Non-Banking Financial Companies (NBFCs)
  • International Lenders

In a Nutshell

Creating a realistic budget before arriving in Canada is crucial. Research average costs in your chosen city, factor in tuition fees, and account for your personal spending habits. This will help you manage your finances effectively and avoid unexpected financial strain. Moreover, if you wish to opt for study abroad loan you can always reach out to some of the top overseas education loan advisors. They will suggest you top financial lenders with competitive interest rates and not only this they will assist you throughout the loan application process and ensure your loan gets sanctioned seamlessly. Good luck!